State-run STC has contracted to import 14 lakh tonnes (LT) of urea at a price of USD 214-217 per tonne for delivery in July to meet the fertiliser demand during the kharif season beginning next month.
The country imports about 80 lakh tonnes of urea annually to meet the domestic demand. Indian Potash (IPL), MMTC and STC are the three authorised trading agencies for urea imports. Already MMTC has contracted to import 6 lakh tonnes of urea at USD 227 per tonne. “STC has contracted to import about 14 lakh tonnes of urea in the price range of USD 214-217 per tonne. The shipments are expected to reach by the first week of July,” a source said. This is the lowest price since 2014 at which STC has contracted. It is also lower than the rate at which MMTC has contracted this year. Urea import is tendered at a substantially lower rates this year as against last year’s average rate of about USD 279 per tonne.